Key facts:
They now have the funds necessary to operate without any problems until the end of this year.
They will implement a savings method to accumulate reserves and avoid the same situation in the future.
Mi Primer Bitcoin, the El Salvador-based nonprofit dedicated to Bitcoin (BTC) education, announced that it has overcome its financial crisis thanks to the support of other initiatives and individual donations. Almost a month after warning about its risk of bankruptcy, the organization now has the necessary funds to operate without interruptions until the end of this year.
Paystand and BitcoinBeach, along with hundreds of individual donors through GeyserFund, were key in the collection funding. According to John Dennehy, leader of My First Bitcoin, “we have the funds necessary to secure some larger grants which we hope to receive near the end of the year.”
As a learning from this situation, My First Bitcoin plans to implement a aggressive savings mechanism to accumulate reserves“This is not easy. Funding the project will always be a challenge,” Dennehy said. “We will never compromise our values or impartiality to obtain funding, which eliminates most traditional sources.”
The organization also established an annual calendar of financing campaigns online, one in the spring in El Salvador and another in the fall. It also made internal structural changes to improve communication, according to Dennehy.
“We will also continue to build a global infrastructure for all independent Bitcoin educators and give it all away (all open source). We are mostly grassroots, funded by people like you and we hope you will continue to donate and help us grow,” Dennehy said.
At the end of August, CriptoNoticias reported on the financial crisis that the organization was facing, highlighting the volatility of its financial model. based on donations and community support.
The importance of Mi Primer Bitcoin for BTC education in El Salvador is remarkable. Since its inception, it has trained more than 35,000 students and more than 400 public school teachers in El Salvador on Bitcoin, marking a milestone in financial and technological education in the country that pioneered the legal adoption of BTC.
“My First Bitcoin is a grand experiment to test the boundaries of what is possible today in order to reimagine what is possible tomorrow,” Dennehy concluded, highlighting the organization’s long-term vision as not only an educational center, but as a global movement for the adoption and understanding of Bitcoin technology.
This announcement marks a relief for the organization and also strengthens its commitment to open and accessible education about Bitcoin, laying the foundations for a future of greater financial stability and educational expansion. “We are just getting started,” Dennehy emphasized.
This article was created using artificial intelligence and edited by a human on the editorial staff.
